Solana (SOL) has been climbing steadily, up 2.28% in the past 24 hours to $243.30, outpacing the broader crypto market’s 1.83% gain. The surge comes during a wave of institutional activity, with Galaxy Digital purchasing nearly 5 million SOL worth $1.16 billion in just three days, according to Lookonchain.
From that number, 4,719,937 SOL (over $1 billion) has already been moved to Coinbase Prime custody. This type of heavy accumulation highlights growing institutional demand for Solana, while aligning with broader market catalysts.
For instance, the SEC is considering generic listing standards for crypto ETFs, which could accelerate approvals for funds tied to Solana.
VanEck’s Solana ETF has already been listed on DTCC, while Nasdaq recently approved another Solana-based product. If finalized, these developments could open the floodgates for institutional inflows, similar to Bitcoin’s ETF-driven rally in early 2024.
Solana’s Ecosystem and Technical Momentum
Beyond ETFs, Solana’s fundamentals are a strong draw. The blockchain now boasts 58 million monthly active users, $290B in monthly trading volume, and leadership in both DeFi and NFTs.
 
The ecosystem is also considering upgrades like the proposed Alpenglow consensus upgrade. This upgrade is expected to reduce block finality to 150 milliseconds and solidify Solana’s position as the fastest-growing blockchain by activity.
Meanwhile, SOL is trading above key moving averages, and the MACD histogram shows positive divergence. The RSI is near overbought at 71, but still short of extreme levels. Moreover, Fibonacci extensions suggest resistance around $262, with potential upside targets near $285 if momentum holds.
However, whale movements indicate mixed sentiment. Galaxy’s massive buy supports growth, but some short-term profit-taking could trigger corrections, especially if SOL’s price stalls near resistance levels.
That said, Solana’s near-term trajectory looks bullish thanks to ETF optimism, impressive network growth, and clear institutional inflows. However, profit-taking pressure around $262, and the SEC’s pending ETF decision could define the next major breakout.